CCP 06-09-2009 - Laserfiche WebLink

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May 26, 2009 Page 5 of 7 revenues increased from 2007; which was reported as a reverse trend. Mr. Wischmann expressed his appreciation to the Finance Department and the Council, Motion by Councilmember Bauman, seconded by Councilmember Burg to accept the Comprehensive Annual Financial Report for the year ending December 31, 2008, and the auditors' Management Letter and their Reports on Compliance with Government Auditing Standards and Legal Compliance. 4 Ayes, 0 Nays - Motion Carried 3. Consideration ofResolution Awarding the Sale of $980,000 General Obligation Bonds, Series 2009A and $1,375,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2009B. Report No. 09-136. Resolution Nos. 09-034 and 09-035. Finance Director Dan Maiers reported Council authorized the sale ofthese bonds at the April 28, 2009 City Council meeting. Mark Ruff representing Ehlers & Associates gave a brief explanation of the process associated with the sale of bonds. The City requested a bond rating from; Standards & Poor's instead of Moody's Investor Service this year, New Brighton received a bond rating upgrade to a solid AA. This bond rating will result in improved interest rates and a reduction in overall costs.. Mr. Ruffpresented the Council with a plaque displaying the AA Rating. Four bids were received for the general obligation bond; the winning bid was from Wells Fargo, with a true interest cost of 2.8932%. The taxable bond issue received eight bids; the winning bid was flum United Bankers Bank, with a true interest cost of 2.3376%. The overall savings for both bond issues are anticipated to be $120,000. Motion by Councilmember Phillips, seconded by Councilmember Burg to waive the reading and adopt resolutions awarding the sale of $945,000 general obligation bonds, series 2009A to Wells Fargo Bank and $1,350,000 taxable general obligation tax increment refunding bonds, series 2009B to United Bankers Bank fixing their form and specifications; directing their execution and delivery; and providing for their payment. 4 Ayes, 0 Nays - Motion Carried 4. Consideration of a Site Plan and Planned Residential Development Amendment by Brightondale Assisted Living to allow coristruclion of a dining room expansion and related improvements at 2700 Rice Creek Road. Report No. 09-137. Resolution No. 09-036. City Planner Janice Gundlach reported that the applicant is requesting a 1200 square foot dining room expansion, patio construction at the north end of the addition, expanded infiltration area, mechanical improvements, landscape removals and interior remodeling. The Planning Commission held a Public Hearing on May 19th. An overview of the proposed addition was displayed. The applicant held a neighborhood meeting May 5, 2009. The following concerns were noted: 0 Noise from the mechanical equipment in the outdoor courtyard area. 3. Ccrosideraticn of Resohrtion Awmxhng the Sale of $980,000 General Obligation Bomhl Series 2009A and $1,375,000 Taxable General Obligation Tax InL=nent Refunding Bands, Series 200913. Report No. 09-136. Resolution Nos. 094)34 and 09-035. 4. Considaation of aSitc Plan and Planned Residential Development Amendmentby 1360*ndale Assistezl Living to allow constructia of a dining room expaasior and related improvements at 2700 Rice Creek Road Report No. W-137. Resolution No. 09-036.